A new report suggests that the gender pension gap in Ireland will close by the year 2050, providing optimism for future generations. Currently, women in Ireland retire with 31% less in their pension savings compared to men, a disparity attributed to factors such as the gender pay gap, the impact of motherhood on careers, and career breaks.
Commissioned by AIB and produced in collaboration with The Future Laboratory consultancy, the report titled “Closing The Gender Pension Gap” delves into the socio-economic factors contributing to the anticipated closure of this gap. The study indicates that girls born today are unlikely to experience pension inequality throughout their lives, forecasting a shift towards gender pension parity within the next three decades.
Key trends identified in the report highlight how evolving workplace dynamics and increased participation in financial planning by women are driving this change. The analysis notes that more agile and diverse workplaces will foster an environment where gender pension disparities can diminish.
Miriam Rayman, the report’s author from The Future Laboratory, commented on the narrative surrounding the gender pension gap, stating, “So much of the discussion around the gender pension gap focuses on the negatives. Yes, we’re not at pension parity yet, but based on a series of socio-cultural, economic, and political shifts, change is taking place, and that gap is closing. For many women, this will happen within their working lives.”
AIB’s Head of Wealth, Ciara Ryan, expressed optimism regarding the report’s findings. “It is promising to know that gender pension parity will likely be achieved in Ireland in the next 25 years,” she stated. Ryan emphasized that women’s increasing involvement in managing their financial futures will play a crucial role in accelerating this process.
The report underscores the importance of continued advocacy for gender equality in the workplace and financial literacy, suggesting that ongoing efforts can sustain the momentum towards closing the gender pension gap.
As Ireland moves towards a more equitable future, the insights provided in this report serve as a reminder of the progress being made and the work that still lies ahead. With increasing awareness and proactive measures, the vision of a pension landscape free from gender disparities may soon become a reality.
